Insight

Six questions on accepting cryptocurrencies as a payment method

Following last month’s news that Starbucks is partnering with the Intercontinental Exchange on a new digital currency payment system called Bakkt, some customers voiced confusion over whether they could now buy their frappuccinos with Bitcoin. (The answer is “not yet.”) On the back of this, though, you might be asking whether it makes sense for your business to begin accepting digital currency as a means of payment.

Some of the benefits are obvious. Lower fees and faster transaction times—at least in theory. Experience and confidence in working with blockchain technology. Responsiveness to client demands. And perhaps some free publicity from being associated with the hip and the new.

But a number of questions still need answers before you jump into the deep end of the crypto pool.